BY JOHN ELLIS, FINANCIAL ADVISOR
More than a third of Irish adults fail to grasp basic financial concepts. The figure jumps to nearly 70% among 18- to 24-year-olds, according to a recent nationwide survey commissioned by global insurance group NFP Ireland. When 1,000 adults were questioned on practical topics such as pensions, tax relief, insurance, and the State pension, only 3% answered every question correctly. Just one in five men and one in eight women achieved top grades.
Knowledge gets better with age, only a quarter of people over 55 failed. Yet. young adults are already making life-changing decisions without the tools they need. This is not a minor knowledge gap. It is a vulnerability that leaves families exposed to debt traps, missed opportunities and long-term insecurity.
The official Mapping Report on financial literacy, prepared by the Department of Finance, paints a similarly worrying picture. Around 57% of Irish adults meet the minimum OECD level of financial literacy, enough to manage day-to-day money and think about the future. That still leaves 43% struggling with basic budgeting, debt, and long-term well-being.
Digital skills are even weaker. More than 44% of adults still cannot confidently use banking apps or online services. These statistics translate into real hardship for women, unemployed people, those on low incomes, individuals with lower education levels, older citizens, people with disabilities and migrants, groups the report identifies as particularly underserved.
Most existing financial education programmes are hit-or-miss efforts aimed at the general population. Valuable work is happening across public bodies, banks, charities, non-profits, and schools, but it is still scattered and patchy. Without a clear framework, duplication wastes resources while critical gaps persist.
Very few programmes exist in primary schools, and most secondary-school initiatives start too late, often when teenagers are already signing loan agreements or opening bank accounts. The school curriculum offers opportunities at every level, yet financial literacy is too often left to the Business Studies classes rather than being integrated into core subjects such as Maths, where virtually every student could benefit.
A national strategy is not a luxury; it is desperately needed right now. It would strengthen consumer protection by teaching people how to avoid scams, understand products, and seek help before debt spirals. It would deliver genuine financial help, the ultimate goal of any education programme. And it would bring together the excellent but fragmented efforts already under way.
Stakeholders have shown overwhelming support during consultations. But what they require is strong Government leadership, a transparent structure, alignment with other national policies, shared research, and measurable outcomes. In my view, the most compelling case is the human one. Young adults are taking on mortgages, pensions and ‘Buy Now Pay Later’ credit without foundational knowledge.
The NFP survey’s author, Sarah McGurrin, rightly noted that financial confidence should not be something people acquire only through painful experience.
Targeted programmes must reach the vulnerable groups the report flags, while digital skills training must become essential in our cashless world. Budgeting and saving remain foundational, but debt management, including confidence to ask for help, and investing literacy for individuals and SMEs are equally urgent. And the help that exists right now is too patchy to solve the problem.
We cannot continue with random bits and pieces, while that 43% of adults lack basic competence. A properly resourced national strategy, backed by Government leadership and everyone working together, would transform lives, reduce inequality, and build a more secure Ireland.
The Mapping Report has done the groundwork. The evidence is overwhelming. The goodwill is already there. The only question left is how quickly we act. Our citizens, especially the youngest, deserve nothing less than the financial confidence to thrive, not merely survive.
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